Up to date: October 16, 2020 8:12:26 pm
The Enforcement Directorate (ED) on Friday issued orders to grab monetary belongings to the tune of Rs 8.6 crore belonging to DMK Gautham Sigamani. The orders had been issued beneath Part 37A of International Exchnage Administration Act (FEMA) for allegedly buying overseas securities illegally and never repatriating overseas trade earned overseas.
Based on ED, Sigamani allegedly acquired overseas safety with out RBI approval. Throughout the course of investigation, ED has claimed, it was revealed that in March 2008, Sigamani made abroad funding of USD 1 lakh (Rs 41.57 lakh then) in buying 2.45 lakh shares of M/s PT Excel Megindo, Jakarta and USD 55,000 (Rs 22.86 lakh then) in M/s Common Enterprise Ventures, UAE with out RBI approval. This ED has mentioned was in contravention of Part four of FEMA.
Sigamani, ED has mentioned, didn’t repatriate earnings amounting to Rs 7.05 crore earned by him from Common Enterprise Ventures within the interval of 2008-09 to 2012-13 and continued to carry the identical overseas until date. He additionally didn’t repatriate the 6.04 lakh Dirhams mendacity within the checking account of Common Enterprise Ventures as on December 31, 2012 and continues to carry the identical overseas until date.
ED has seized properties held by DMK MP Gautham Sigamani to the tune of Rs 8.6 crores equal to the worth of illegally accquired overseas safety and non-repatriation of overseas trade earned overseas until date in contravention of part four of FEMA. @IndianExpress pic.twitter.com/rXwZrUzaa8
— Janardhan Koushik (@koushiktweets) October 16, 2020
“As per the provisions of part 37A of FEMA, if any overseas trade, overseas safety or any immovable property located exterior India is suspected to have been held in contravention of part four of FEMA, ED is empowered to grab worth equal located inside India of such overseas trade, overseas safety or immovable property,” ED mentioned in an announcement.
Accordingly, it added, immovable properties within the type of agricultural lands, business and residential buildings, and so on in Tamil Nadu and movable properties within the type of balances in financial institution accounts and shares totalling to Rs 8.6 crore held by Sigamani have been seized by it.
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